Adecoagro SA (AGRO) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Adecoaggro's first quarter of 2025 results conference call.

女士們、先生們，早安，感謝你們的等待。現在，我們歡迎大家參加 Adecoaggro 2025 年第一季業績電話會議。

Today with us we have Mr. Juan Sartori, Executive Chairman, Mr. Mariano Bosch, CEO, Mr. Emilio Gnecco, CFO, Mr. Renato Junqueira Santos Pereira, sugar, ethanol and energy VP, and Mrs. Victoria Cabello, Investor Relations officer. (Operator Instructions)

今天與我們一起出席的有執行主席 Juan Sartori 先生、首席執行官 Mariano Bosch 先生、首席財務官 Emilio Gnecco 先生、糖、乙醇和能源副總裁 Renato Junqueira Santos Pereira 先生以及投資者關係官員 Victoria Cabello 女士。（操作員指示）

Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of a Adecoagro's management and on information currently available to the company. They involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future.

在繼續之前，我要提一下，前瞻性陳述是基於 Adecoagro 管理層的信念和假設以及公司目前掌握的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或可能不會發生的情況。

Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Adecoagro and could cause results to differ materially from those expressed in such overlooking statements. Now I will turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.

投資人應該明白，一般經濟狀況、產業狀況和其他經營因素也可能影響 Adecoagro 的未來業績，並可能導致結果與此類忽略聲明中表達的結果有重大差異。現在我將會議交給執行長馬裡亞諾·博世先生。博世先生，您可以開始您的會議了。

Good morning and thank you for joining Adecoagro 2025 first quarter research conference. Before we start with the highlights of the performance of the company, we would like to comment on the recent transaction. As you may all be aware, Tether has completed its tender offer process and has become our largest shareholder, holding 70% of the company's equity. This is clearly the start of a new era for the company. And we are all very excited and enthusiastic about the future prospects with this new venture.

早安，感謝您參加 Adecoagro 2025 第一季研究會議。在我們開始介紹公司業績亮點之前，我們想對最近的交易進行評論。大家可能都知道，Tether已經完成了要約收購程序，成為我們最大的股東，持有公司70%的股權。這顯然是該公司新時代的開始。我們都對這項新事業的未來前景感到非常興奮和熱情。

I still remember when we founded Adecoagro back in 2002. We had the idea of producing each of the commodities where we could achieve being the local producer worldwide. Within this concept is that it has taken us more than 20 years to develop our current four business segments.

我還記得我們在 2002 年創立 Adecoagro 的情景。我們的想法是生產每一種商品，並成為世界各地的本地生產商。在這個理念下，我們花了20多年的時間來發展目前的四大業務部門。

In each one, we leveraged on the best combination of soil, climate, and people to develop our existing sustainable production systems. We are very happy that the significant shareholders such as Tether, a leader in technology and innovation in its field has acknowledged our work and wants to support us.

在每一個國家，我們都利用土壤、氣候和人力的最佳組合來發展我們現有的永續生產系統。我們很高興像 Tether 這樣在其領域技術和創新方面處於領先地位的重要股東認可我們的工作並願意支持我們。

I am certain that through the implementation of cutting-edge technologies, we will be in a position to continue transforming the traditional agribusiness space. While we venture into potential new exciting projects.

我確信，透過實施尖端技術，我們將能夠繼續改變傳統的農業綜合企業領域。當我們冒險進入潛在的令人興奮的新項目時。

Having said all this, We had invited today our Executive Chairman, Mr. Juan Sartori. Juan has recently joined the new Board representing Tether together with other four new directors. Juan, welcome to Adecoagro. I will pass the floor to you.

說了這麼多，我們今天邀請了我們的執行主席胡安·薩托里先生。Juan 最近與其他四名新董事一起加入了代表 Tether 的新董事會。胡安，歡迎來到 Adecoagro。我現在把發言權交給你。

Thank you, Mariana. Good morning, everyone. i am Juan Sartori. It's an honor to join the Board of Adecoadro as newly appointed Executive Chairman representing Tether, now a significant shareholder in the company.

謝謝你，瑪麗安娜。大家早安。我是 Juan Sartori。我很榮幸能夠加入 Adecoadro 董事會，擔任代表 Tether 的新任執行主席，Tether 現在是該公司的重要股東。

Following the completion of the tender offer, we have appointed a newly formed Board, which we believe that in combination with the continuing members and the quality of management, is now an ideal composition of experience and new ideas that will support and lead the company into the future.

在完成要約收購後，我們已任命了一個新董事會，我們相信，結合現有成員和優秀的管理團隊，新董事會現已成為一個擁有豐富經驗和新理念的理想組合，將支持和引領公司走向未來。

Tether is the creator of the largest, most transparent, and liquid stable coin in the industry. And its mission is to build sustainable and resilient infrastructure for the benefit of underserved communities.

Tether 是業界最大、最透明、流動性最強的穩定幣的創造者。其使命是建立可持續、有彈性的基礎設施，造福服務不足的社區。

By leveraging cutting edge blockchain and peer to peer technology, it is committed to improving financial inclusion while fostering economic growth in emerging countries where there is a huge opportunity to unlock growth.

透過利用尖端的區塊鏈和點對點技術，它致力於提高金融包容性，同時促進新興國家的經濟成長，這些國家擁有巨大的成長機會。

The company currently has more than 400 million users around the world and recently surpassed 150 billion in assets and 13 billion in profits in 2024.

該公司目前在全球擁有超過 4 億用戶，預計 2024 年資產規模將超過 1,500 億美元，利潤將超過 130 億美元。

Tether's investment in Adecoagro is part of its strategy to invest in reserve tangible assets with limited supply, which supports sustainable developments that create real impacts. We are excited to become part of this remarkable company which owns some of the best agricultural and energy assets in the world.

Tether 對 Adecoagro 的投資是其投資供應有限的儲備有形資產策略的一部分，該策略支持能夠產生實際影響的永續發展。我們很高興成為這家擁有世界上最好的農業和能源資產的卓越公司的一部分。

Assets of particular importance for Tether as it is in bitcoin, gold, and farmland, the basic assets for stable and uncorrelated long-term reserves. We recognize in Adecoagro a platform of management efficiency in integrating and operating agricultural and energy assets that will only be improved by the incorporation of a successful and committed long-term shareholder.

對 Tether 來說特別重要的資產是比特幣、黃金和農田，它們是穩定且不相關的長期儲備的基礎資產。我們認識到 Adecoagro 是一個整合和營運農業和能源資產的管理效率平台，只有透過引入成功且忠誠的長期股東，這個平台才能得到改善。

We are committed to supporting Adecoagro's management in executing its current strategy and contributing to its future growth journey. We currently see organic and inorganic opportunities in Latin American countries with very attractive returns, which we may explore and are ready to provide financial support if needed in order to execute.

我們致力於支持 Adecoagro 的管理層執行其當前策略並為其未來的發展之旅做出貢獻。我們目前看到拉丁美洲國家存在具有非常誘人的回報的有機和無機投資機會，我們可以探索這些機會，並準備在需要時提供財務支持以便執行。

We are here to help strengthen what the company already does so well, which is operating, integrating, and managing complex businesses with discipline and excellence. We will contribute to maximize long-term value, maintaining a disciplined capital allocation strategy, including a firm commitment to keeping a healthy balance sheet and the company's leverage levels while pursuing aggressive growth opportunities when they present themselves.

我們的目的是幫助公司加強其現有的優勢，即以嚴謹和卓越的方式運作、整合和管理複雜的業務。我們將致力於實現長期價值最大化，保持嚴謹的資本配置策略，包括堅定致力於保持健康的資產負債表和公司槓桿水平，同時在出現積極的成長機會時予以追求。

We will also maintain the current shareholder distribution policies by focusing on dividends and a strong emphasis on maximizing the stock price, sometimes by remaining open to opportunistic buybacks to the extent we conclude it is the best use of the company's resources, as well as aligning management compensation even more to the subside.

我們還將維持目前的股東分配政策，重點關注股息並大力強調最大化股價，有時繼續進行機會性回購，直到我們認為這是對公司資源的最佳利用，以及使管理層薪酬更加貼近下降趨勢。

In addition, we intend to offer Adecoagro the latest technological innovation and capabilities, areas where Tether has deep expertise and success and is currently transforming around the world.

此外，我們打算向 Adecoagro 提供最新的技術創新和能力，這些領域是 Tether 擁有深厚專業知識和成功經驗並且目前正在全球進行變革的領域。

We see opportunities to explore leveraging stable coins and blockchain technology to increase efficiency in commodity trading, explore real asset tokenization, and potentially integrate AI and peer to peer technologies under development to further strengthen operational performance.

我們看到了利用穩定幣和區塊鏈技術來提高商品交易效率、探索真實資產代幣化以及可能整合正在開發的人工智慧和點對點技術以進一步加強營運績效的機會。

We are looking forward to working with the Board, Management team, and Investor community on this journey. Thank you, and back to you, Mariano.

我們期待與董事會、管理團隊和投資者社群一起攜手合作。謝謝你，回到你身邊，馬裡亞諾。

Thank you, Juan. Now, going into the results of the quarter, consolidated adjusted EBITDA reached $36 million. Starting with our businesses in Argentina and Uruguay, our rice operations achieved a new record in productivity, proving that all the investment made in sea genetics, land levering, and machinery paid off.

謝謝你，胡安。現在，進入本季業績，合併調整後 EBITDA 達到 3,600 萬美元。從我們在阿根廷和烏拉圭的業務開始，我們的水稻業務在生產力方面創下了新高，證明在海洋遺傳學、土地利用和機械方面的所有投資都得到了回報。

Nevertheless, rice prices, as you've seen, are going down. In [the bit], our presence in the retail and export markets grants us commercial flexibility to maximize the production of the product that offers the highest margin, which continues to be the fluid milk.

儘管如此，正如您所見，大米價格正在下降。在[bit]中，我們在零售和出口市場的存在賦予了我們商業靈活性，以最大限度地生產利潤最高的產品，而該產品仍然是液態奶。

Although the crops business is facing another challenging year in terms of prices and costs, we are seeing an improvement in crop productivity versus last year.

儘管農作物業務在價格和成本方面又面臨挑戰，但我們看到農作物產量與去年相比有所提高。

Let's move into the sugar, ethanol and energy business. During the quarter, we sold all the ethanol that was stored in our tanks at prices significantly higher than in the previous period. Now that the new season has started, we have once again the flexibility to build up inventories in our storage tanks if needed.

讓我們進入糖、乙醇和能源產業。在本季度，我們以明顯高於上一期的價格出售了儲存在儲罐中的所有乙醇。現在新季節已經開始，如果需要，我們可以再次靈活地在儲罐中增加庫存。

In the meanwhile, we are strategically crushing all can that has impacted by the dry weather. In order to maximize productivity during the second half as we accelerate our crashing pace and reach our annual target. The higher the milling, the better we will be diluting our costs, as we always say.

同時，我們正在策略性地粉碎所有受到乾旱天氣影響的罐頭。為了在下半年最大限度地提高生產力，我們加快了步伐，並實現了年度目標。正如我們常說的那樣，研磨度越高，我們就能更好地降低成本。

To conclude, I would like to reiterate my gratitude to all our people in Adecoagro, but this time, I would like a special thank for our former Directors, Plinio Musetti, Alan Boyce, Guillaume van der Linden, Andres Velasco, and Ana Cristina Russo for their support and valuable contributions throughout all these years. Now I will let Emilio, walk you through the numbers of the quarter.

最後，我想再次向 Adecoagro 的所有員工表示感謝，但這次，我要特別感謝我們的前董事 Plinio Musetti、Alan Boyce、Guillaume van der Linden、Andres Velasco 和 Ana Cristina Russo 多年來的支持和寶貴貢獻。現在，我將讓 Emilio 向您介紹本季的數據。

Thank you, Mariano and Juan. Good morning, everyone. Please turn to page 5 with a summary of our consolidated financial results. New sales total $324 million during the first quarter, 28% higher year over year on higher volume sold, mainly ethanol as we emptied our tanks, which in turn fully offset the lower prices for some of the commodities that we produce.

謝謝你，馬裡亞諾和胡安。大家早安。請翻到第 5 頁，其中列出了我們的合併財務表現摘要。第一季新銷售額總計 3.24 億美元，年增 28%，主要是因為我們清空了油箱而銷售的乙醇，這完全抵消了我們生產的一些商品價格下跌的影響。

Despite an increase in sales, adjusted the EBITDA was down to $36 million marking a 60% year over year decrease. The year over year decline in the bit that was mainly explained by losses in our biological assets lying in our rice and sugar, ethanol and energy businesses.

儘管銷售額有所增加，但調整後的 EBITDA 下降至 3,600 萬美元，年減 60%。這個數字較去年同期下降的主要原因是我們的稻米和糖、乙醇和能源業務的生物資產損失。

Due to lower prices as well to lower production in the case of our Brazilian operations. In addition, results were also negatively impacted by one-off expenses incurred by the company in connection with the tender offer.

由於價格較低以及巴西業務產量較低。此外，公司在要約收購中產生的一次性費用也對業績產生了負面影響。

Now please turn to slide 6. Regarding our production figures in the bottom right chart, we can see that crushing volume in our sugar, ethanol, and energy business was down 31% year over year due to the slower and selective milling pace adopted during the first quarter, which we will describe in more detail during the presentation.

現在請翻到投影片 6。關於我們右下圖中的生產數據，我們可以看到，由於第一季採用了較慢和選擇性的碾磨速度，我們的糖、乙醇和能源業務的壓榨量同比下降了 31％，我們將在演示中對此進行更詳細的描述。

On the other hand, total production in our farming division reported a 25% year over year increase explained by higher planted area as well as record productivity in our rice operations.

另一方面，由於種植面積增加以及水稻生產生產率創歷史新高，我們農業部門的總產量年增了 25%。

Let's move to slide 8 with the operational performance of our sugar, ethanol, and energy business. In our prior release, we anticipated that during the first quarter our crashing volume would decline compared to the same period of the last year as a result of the dry weather experienced throughout 2024 which got extended into the first month of this year affecting the yields of our sugar cane plantations.

讓我們轉到幻燈片 8，其中介紹我們的糖、乙醇和能源業務的營運表現。在我們先前的發布中，我們預計第一季我們的產量將與去年同期相比下降，因為 2024 年全年的乾旱天氣一直延續到今年第一個月，影響了我們甘蔗種植園的產量。

In this scenario, we made the decision to harvest old cane that were in the fifth or sixth cut and had less potential, allowing the younger cane to continue growing and recover productivity indicators in the event we receive the rains. As a result, we can see a decrease in both yields and tears content during the period.

在這種情況下，我們決定收割第五次或第六次收割且潛力較小的老甘蔗，以便年輕的甘蔗繼續生長並在下雨時恢復生產力指標。因此，我們可以看到在此期間產量和淚液含量都有所下降。

We continue to maximize sugar production given its attractive premium. Our production mix stood at 42% on lower sugar content of the cane for the reasons previously explained, which resulted in less production flexibility. Within our ethanol production, we continue to prefer hydrous ethanol over anhydrous ethanol, giving the better margin.

鑑於糖的溢價頗具吸引力，我們將繼續最大限度地提高糖的產量。由於前面解釋的原因，我們的生產結構中 42% 是糖含量較低的甘蔗，這導致生產彈性降低。在我們的乙醇生產中，我們仍然傾向於使用含水乙醇而不是無水乙醇，以獲得更好的利潤。

Let's turn to slide 9 where we describe sales conducted throughout the period. Net sales amounted to $119 million in the quarter, 15% higher year over year. This was fully explained by our commercial strategy to sell our last year's carry of ethanol to profit from the significant recovery in prices during the first quarter of 2025.

讓我們翻到第 9 張投影片，其中描述了整個期間的銷售情況。本季淨銷售額達 1.19 億美元，年增 15%。我們的商業策略充分解釋了這一點，即出售我們去年持有的乙醇，以從 2025 年第一季價格的大幅回升中獲利。

In 2024, we held to our ethanol inventories waiting for an improvement in prices. Throughout the period we sold over 160,000 cubic meters of ethanol, representing 30% of the total volume produced in 2024 at an average price of BRL2,700 per cubic meter, 31% higher year over year.

2024 年，我們保留乙醇庫存，等待價格上漲。在此期間，我們銷售了超過 16 萬立方公尺的乙醇，佔 2024 年總產量的 30%，平均價格為每立方公尺 2,700 巴西雷亞爾，年成長 31%。

Regarding sugar, the combination of lower prices and the declining production given the lower crashing were the main drivers towards the declining sales. The case of energy, and despite the lower volume milk, we produce energy using our stored by gas, and we're able to profit from the hiking spot prices throughout the quarter.

就糖而言，價格下跌和因價格暴跌而導致的產量下降是導致銷量下降的主要原因。就能源而言，儘管牛奶產量較低，但我們利用儲存的天然氣生產能源，並且能夠從整個季度上漲的現貨價格中獲利。

Regarding carbon credits, we sold over 110,000 CBios at an average price of $12 per CBios.

關於碳信用額，我們以平均每 CBios 12 美元的價格出售了超過 110,000 個 CBios。

Please go to page 10, where we would like to present the financial performance of the sugar, ethanol and energy business. Adjusted the EBITDA amounted to $30 million during the first quarter, 42% lower than the same period of last year.

請翻到第 10 頁，我們將在此介紹糖、乙醇和能源業務的財務表現。第一季調整後EBITDA為3000萬美元，較去年同期下降42%。

Despite presenting higher sales and a year over year gains in the mark to market of our commodity hedge position, results were mainly offset by year over year losses in the mark to market of our biological assets on lower crashing and consequan prices on harvested gain.

儘管我們的銷售額有所增加，商品對沖頭寸的市價也較上年同期有所上漲，但由於生物資產的崩盤和隨之而來的收穫收益價格下跌，導致生物資產的市價同比下跌，因此業績主要被生物資產的市價同比損失所抵消。

Finally, to conclude with the sugar, ethanol and energy business, please turn to slide 11, but we would like to briefly talk about the current outlook.

最後，關於糖、乙醇和能源業務的總結，請翻到第 11 張投影片，但我們想簡要地談談當前的前景。

Rainfalls received over the last few weeks. Eight yield recovery. Assuming weather going normal, we expect to accelerate our crashing pace in the second half of the year and reach an annual crashing figure in line to slightly above the previous year.

過去幾週的降雨。八產量恢復。假設天氣正常，我們預計下半年墜機速度將加快，全年墜機數量將與上年持平或略高於上年。

Also, our unitary costs in cents per pound should decline as crushing increases and productivity recovers. From a commercial point of view, the pollution of sugar prices will mostly depend on Brazil's production, while it is still subject to cane productivity, industrial flexibility, and logistics.

此外，隨著破碎量的增加和生產率的恢復，我們每磅的單位成本（以美分計）應該會下降。從商業角度來看，糖價的影響將主要取決於巴西的產量，同時仍受制於甘蔗生產力、工業彈性和物流。

Consequently, we still see some upside to current spot prices. Reason why we have hedged less than 50% of our 2025 sugar production. In the case of ethanol, consumer preference continues to favor ethanol, but supply may be limited given the industry the expectations to continue maximizing sugar production due to the greater premium that commands.

因此，我們仍然認為當前現貨價格有一定的上漲空間。我們對 2025 年糖產量的避險率不到 50% 的原因。就乙醇而言，消費者仍然青睞乙醇，但由於產業期望繼續最大化糖產量，因此供應可能會受到限制，因為乙醇可以獲得更高的溢價。

Moreover, new demand is expected to come with the implementation of E30, adding more pressure to the trade balance. Now, we would like to move on to the farming business. Please go to slide 13.

此外，隨著E30的實施，預計將出現新的需求，從而給貿易平衡帶來更多壓力。現在，我們想轉向農業業務。請翻到第 13 張投影片。

We are currently undergoing harvesting activities for most of our grains. As of the end of April, we harvested 52% of the 305,000 hectares of planted area and produced over 790,000 tons of agriculture produced.

目前，我們正在進行大部分穀物的收割活動。截至 4 月底，我們已收穫了 305,000 公頃種植面積中的 52%，生產了超過 79 萬噸農產品。

Despite the precipitation received from February onwards, the productivity of some of our crops, such as wheat and early corn was impacted by the dry weather and high temperatures registered during December and January.

儘管從二月開始就有降雨，但十二月和一月份的乾旱天氣和高溫影響了小麥和早熟玉米等一些作物的產量。

On the other hand, we foresee a recovery in our late corn production due to the improved weather conditions experienced so far, as well as to the absence of [serolama], the bacteria that drove the declining yields in the previous campaign.

另一方面，由於目前天氣條件好轉，以及導致上一季玉米產量下降的病菌（serolama）的消失，我們預計後期玉米產量將會回升。

For the rest of our crops, we are forecasting a slight improvement in yields versus the prior year but in line with historical levels. In rice, we are almost done with the harvesting activities. Our average yield reached eight tons per hectare, a new record for this business, and a significant year over year improvement.

對於其餘作物，我們預測產量將比去年略有提高，但與歷史水平一致。在水稻種植方面，我們的收割工作基本上已經完成。我們的平均產量達到了每公頃八噸，創下了該行業的新紀錄，並且比去年同期有顯著提高。

Lastly, we continue enhancing efficiencies in our dairy free stalls, despite the declining crowd productivity reported in the quarter, which we expect to reverse throughout the following months. At the industry level, we are working on product development for the domestic and export markets while expanding our presence across different price years with our consumer product brands.

最後，儘管本季報告顯示人群生產力下降，但我們仍在繼續提高無乳製品攤位的效率，我們預計這種情況將在接下來的幾個月內扭轉。在產業層面，我們致力於國內和出口市場的產品開發，同時透過我們的消費產品品牌擴大我們在不同價格年份的影響力。

On the following page 14, we present the financial performance of our farming business. Adjusted the EBITDA for the farming business total $17 million in the quarter, making a $27 million year on year decrease.

在接下來的第 14 頁中，我們介紹了我們農業業務的財務表現。調整後本季農業業務的 EBITDA 總額為 1,700 萬美元，年減 2,700 萬美元。

Starting with our crop segment, the year over year decreasing results was mainly driven by lower international prices, lower than expected productivity, and higher costs in US dollars, which combined continued to pressure margins during the period.

從我們的農作物部門開始，業績年減主要是由於國際價格下跌、生產力低於預期以及美元成本上升，這些因素共同導致本期間利潤率持續承壓。

Moving on to rice, adjusted EBITDA reached $10 million in the quarter. Despite the record productivity and the increasing sales, the declining EBITDA generation was mainly explained by an uneven year over year comparison, as during the first quarter of 2024, we were able to profit from record prices explained by India's policy to prohibit the exports of white long grain and a very poor production of rice in South America.

談到大米，本季調整後的 EBITDA 達到了 1000 萬美元。儘管生產力創歷史新高且銷售額不斷增長，但 EBITDA 的下降主要歸因於同比不均衡，因為在 2024 年第一季度，我們能夠從創紀錄的價格中獲利，這是由於印度禁止出口白色長粒米的政策以及南美大米產量非常低。

Prices have currently come down to normal levels, giving higher global supply. On an annual basis, we expect a similar performance of this segment compared to 2024, but more evenly distributed during the quarters.

目前價格已回落至正常水平，全球供應量增加。從年度來看，我們預計該細分市場的表現與 2024 年類似，但各季度的分佈將更加均勻。

Lastly, adjusted EBITDA in our dairy segment totaled $7 million during the period, driven by higher sales on higher prices as we improve the mix of value-added products and continue to maximize the production of fluid milk for the domestic market.

最後，本期間我們乳製品部門的調整後 EBITDA 總計 700 萬美元，這得益於我們改善增值產品組合併繼續最大限度地為國內市場生產液態奶，從而以更高的價格實現了更高的銷售額。

Let's now turn to page 16, where we would like to present our capital allocation strategy. According to our distribution policy, we are committed to a minimum distribution of 40% of the cash generated during the previous year via combination of cash dividends and share repurchase.

現在我們翻到第 16 頁，在這裡我們想介紹我們的資本配置策略。根據我們的分配政策，我們承諾透過現金分紅和股票回購相結合的方式分配上一年產生的現金的至少40%。

Based on 2024's net cash for operations, the minimum amount to be distributed under the policy this year is $64 million out of which we have already committed $45 million between dividends and share repurchase.

根據 2024 年的經營淨現金，今年根據該政策分配的最低金額為 6,400 萬美元，其中我們已經承諾在股利和股票回購之間分配 4,500 萬美元。

In terms of dividends, a distribution of $35 million was approved. The first installment of $17.5 million will be paid on May 16, representing $17.05 per share, whereas the second installment will be payable in November in an equal cash amount. In addition, we have already repurchased $10 million in shares under our buyback program, representing approximately 1.1% of the company's equity.

股利方面，核准分配3500萬美元。第一期款項 1,750 萬美元將於 5 月 16 日支付，相當於每股 17.05 美元，而第二期款項將於 11 月以等額現金支付。此外，我們已經根據回購計畫回購了價值 1,000 萬美元的股票，約占公司股權的 1.1%。

Please turn to page 17 for a broader view of our deposition. Net debt amounted to $679 million 6% higher year over year. This was explained by the increasing short term debt throughout the period, as we were able to secure new financing at attractive rates to finance part of our working capital consisting of the planting and harvesting activities of our crops.

請翻到第 17 頁更全面地了解我們的證詞。淨債務達 6.79 億美元，年增 6%。這是因為整個期間短期債務不斷增加，因為我們能夠以有吸引力的利率獲得新的融資，為我們的部分營運資金（包括農作物的種植和收穫活動）提供資金。

As shown in our financial figures, this was achieved without dis attending our distribution policy and growth projects, nor compromising our liquidity ratio, which stood at 1.6 times, showing the company's full capacity to repay short term debt with its cash balances.

正如我們的財務數據所示，這一目標的實現並沒有放棄我們的分配政策和成長項目，也沒有損害我們的流動比率（1.6 倍），這表明公司完全有能力利用其現金餘額償還短期債務。

By the end of the quarter, our net leverage ratio reached 1.7 times given the lower cells percentage. We expect to reduce our short-term debt exposure throughout the second half of the year as we collect the cash from our sales, as well as to reduce our net leverage ratio on graded expected results in the upcoming quarters.

截至本季末，考慮到較低的細胞百分比，我們的淨槓桿率已達到1.7倍。我們預計，隨著我們收回銷售現金，我們將在今年下半年減少短期債務敞口，同時，隨著未來幾季的預期結果，我們的淨槓桿率也將降低。

In the following slide, we describe our CapEx program. In the first quarter of 2025, we invested $30 million in expansion projects. In Brazil, expansion CapEx was mostly allocated to increasing our sugar cane plantation size and expanding our harvesting equipment with the acquisition of two-row harvesters and grunner trucks.

在下面的幻燈片中，我們描述了我們的資本支出計劃。2025年第一季度，我們投資3,000萬美元用於擴建工程。在巴西，擴張資本支出主要用於擴大甘蔗種植園規模以及透過購買雙排收割機和甘蔗卡車來擴充收割設備。

In our farming business, our main CapEx program consisted of the development of rice production areas, the expansion of our drying and storage capacity in our [Pastoraon] rice mill, and the construction of a new warehouse for dairy products at our Chivilcoy dairy processing facility. Thank you very much for your time. We will now open the call to questions.

在我們的農業業務中，我們的主要資本支出計劃包括開發稻米產區、擴大我們 [Pastoraon] 碾米廠的干燥和儲存能力、以及在我們的 Chivilcoy 乳製品加工廠建造一個新的乳製品倉庫。非常感謝您抽出時間。我們現在開始提問。

Thank you. (Operator Instructions) Thiago Duarte, BTG Pactual.

謝謝。（操作員說明）Thiago Duarte，BTG Pactual。

Yeah, thank you. Good morning, guys. Thanks for the opportunity. Yeah, I have a couple of questions. The first one is on the sugar ethanol energy business and trying to reconcile your expectations that you throughout the year, you should be able to meet last year's sugar cane crushing volumes and coming from a pretty weak quarter on a year over year basis.

是的，謝謝。大家早安。感謝有這個機會。是的，我有幾個問題。第一個問題是關於糖乙醇能源業務，並試圖協調您對全年的期望，您應該能夠滿足去年的甘蔗壓榨量，並且與去年同期相比，這是一個相當疲軟的季度。

So I, I'm just trying to understand whether this is, you expect this to come from better yields. So last year you delivered, if I'm not mistaken, 70 tons of cane per hectare. So if you expect to be able to meet that on a, on the balance of the year or if we should be looking for higher harvested area. So whether the cane availability improvement should come from higher area or higher yields. That would be the first question.

所以我，我只是想了解這是否是，您是否期望這會帶來更好的收益。如果我沒記錯的話，去年你們每公頃的甘蔗產量是 70 噸。因此，如果您希望能夠在全年實現這一目標，或者我們應該尋找更高的收穫面積。那麼，甘蔗供應量的提高應該來自於增加種植面積還是增加產量。這是第一個問題。

The second question comes from, is related to the crops, business. I was wondering if you could provide a little bit more color in terms of the unit economics for the different crops because this quarter what we saw was bigger representation of corn, in terms of your sales volumes, relative to soybean and wheat, mainly.

第二個問題來自，與農作物、商業有關。我想知道您是否可以提供更多關於不同作物單位經濟效益的信息，因為本季度我們看到玉米的銷量比大豆和小麥的銷量更大。

And so I was wondering how those unit economics compare and whether they could explain or at least partially explain the low margin that you delivered this quarter in the in the crop segment. And if I may have a third question and I'm not sure why it's in the call, but in his prepared remarks, he talks about one of the things he talked about was providing financial support if necessary for the Adecoagro's growth, and he even mentioned both organic and inorganic opportunities across Latin America.

所以我想知道這些單位經濟效益如何，以及它們是否可以解釋或至少部分解釋本季作物部門的低利潤率。我可以問第三個問題，我不確定為什麼這個問題會出現在電話會議中，但在他的準備好的發言中，他談到的一件事就是在必要時為 Adecoagro 的發展提供財政支持，他甚至提到了拉丁美洲的有機和無機機會。

So I was wondering what kind of opportunity he sees as compelling in the region, what segment within Adecoagro's different business segments would make some sense and whatever other, color he could provide on the opportunities that he foresees in terms of growth for Adecoagro . That would be it. Thank You.

所以我想知道他認為該地區有哪些引人注目的機會，Adecoagro 不同業務部門中的哪些部分有意義，以及他可以就 Adecoagro 的增長機會提供什麼其他信息。就這樣吧。謝謝。

Hi, Thiago. Thank you for your questions. Yes, Juan is with us in the call. So I'm going to take the opportunity of starting, answering the, your third question. So, I'm going to ask Juan to take that question that is directed for him. Juan, do you want to take that question?

你好，蒂亞戈。感謝您的提問。是的，胡安也在通話中。因此，我將藉此機會開始回答您的第三個問題。因此，我將請胡安回答針對他提出的問題。胡安，你想回答這個問題嗎？

Yes, perfect. Hello, Thiago. Very nice meeting you and thank you for the question. All those strategic directions that the company are going to take now in the future with the shareholder, I think are a combination of continuation. We believe the company is well managed and it owns very high-quality, low-cost production assets that are well positioned into the future.

是的，完美。你好，蒂亞戈。很高興見到您，感謝您的提問。我認為，公司現在和未來將與股東一起採取的所有策略方向都是延續性的。我們相信該公司管理良好，擁有高品質、低成本的生產資產，為未來做好了準備。

So, what we want to do on top of that continuation is simply giving it a little bit more dynamism and acceleration when capital is needed or strategic direction needs to be supported. And I think what we are seeing right now because of the timing is that in most of those four segments, there are integration opportunities. That's what we mean by organic.

因此，在此基礎上，我們希望做的就是在需要資金或需要支持策略方向時為其提供更多的活力和加速。我認為，由於時機的原因，我們現在看到的是，在這四個領域中的大多數領域中，都存在著整合的機會。這就是我們所說的有機。

There are CapExes to be approved with a much higher return on equity than the average of the company. There are maybe acquisitions to be considered around all of those segments, but also there are some areas which start going a little bit beyond.

有待批准的資本支出的股本報酬率遠高於公司的平均水準。我們或許可以考慮在所有這些領域進行收購，但也有一些領域需要進一步拓展。

For example, we believe that energy, which so far was mostly a byproduct of agricultural production could be an area where the Adecoagro could have a stronger focus. Generating some stable long-term returns there and there's people retreating from Latin America right now, there are areas related to the inputs of agriculture that could be provide both a hedge and even long-term exposure because of the correlation to the demand.

例如，我們認為，能源迄今主要是農業生產的副產品，可以成為 Adecoagro 更加關注的領域。在那裡產生一些穩定的長期回報，並且現在人們正在從拉丁美洲撤退，有一些與農業投入相關的領域由於與需求的相關性，可以提供對沖甚至長期敞口。

What we mean in that by supporting and even very aggressively is that we believe this management team has the capacity of integrating and operating assets in Latin America in an incredible fashion. And I think if it was needed of any type of capital, whether it's a debt, equity, partner, or joint venturing.

我們之所以支持甚至積極支持，是因為我們相信這個管理團隊有能力以令人難以置信的方式整合和經營拉丁美洲的資產。我認為如果需要任何類型的資本，無論是債務、股權、合作夥伴或合資企業。

We would be ready to anchor any of those transactions. Always with an idea of focusing on a discipline allocation of capital with a strong return on equity. So we may analyze stock buybacks or repurchase or issuing debt or making or not acquisitions internal or externally always compared with the average return that the company is doing in current operations and in order to improve it in the long term.

我們已準備好錨定任何此類交易。始終秉持注重規範資本配置、實現高股本回報率的理念。因此，我們可以分析股票回購或回購或發行債務或進行或不進行內部或外部收購，並始終將其與公司在當前營運中的平均回報進行比較，以便長期改善。

Thank you, Juan, very much for the question, very clear, nothing to add there. So, I'm going to ask Renato to go on the first part of your questions regarding the, our ethanol expectation for crashing volumes.

非常感謝胡安提出的問題，這個問題非常清楚，沒有什麼好補充的。因此，我將請雷納托回答您關於乙醇產量暴跌預期問題的第一部分。

Hi, Thiago. Good morning. As Emilio mentioned, the weather was very dry, both during the whole, 2024. And also the first quarter of this year. That's the reason our yields declined. But despite this dry weather, we had a crushing record last year.

你好，蒂亞戈。早安.正如艾米利奧所提到的，2024 年全年天氣都非常乾燥。以及今年第一季。這就是我們的收益率下降的原因。但儘管天氣乾燥，去年我們還是取得了輝煌的成績。

So we anticipated the sugar cane that otherwise would be crushed in the first quarter. That's why we had the last, intensive quarter in terms of crushing. And we did the strategies to live, the sugar cane for a better, potential to grow, to be crushed in the second part of the year. I think this strategy was good because in April, the weather changed. We had a lot of rains in April actually, the ranges in April was 50% higher than the historical average.

因此，我們預計第一季甘蔗產量將會減少。這就是為什麼我們在最後一個季度的壓榨工作十分緊張。我們制定了生存策略，讓甘蔗長得更好，有成長潛力，下半年被壓榨。我認為這個策略很好，因為四月天氣改變了。事實上，四月降雨很多，四月的降雨量比歷史平均高出 50%。

So the sugar cane outlook, the biological assets looks much better now. So, we expect that the yields, of this year is going to be higher than the one that we had last year. I would say something between 5% and 10% higher.

因此，甘蔗的前景和生物資產現在看起來好多了。因此，我們預計今年的收益率將高於去年。我認為會高出 5% 到 10% 之間。

I think the challenge now will be crush, the sugar cane that we have. We have the sugar cane, but the challenge will be the time to crush the sugar cane. So use of time is going to be the key, point to be following, now.

我認為現在的挑戰是壓榨我們現有的甘蔗。我們有甘蔗，但挑戰在於壓榨甘蔗的時間。因此，利用時間是關鍵，現在需要注意的是。

But since we have the continous harvest, model, if you don't crush the sugar cane this year, we can crush more in the first quarter of next year and have much more intensive. Quarter, there. So we think that it is possible to crush, but the key point now is the use of time, from now on.

但由於我們有連續的收成，所以，如果今年不壓榨甘蔗，我們可以在明年第一季壓榨更多甘蔗，而且產量會更大。四分之一，在那裡。所以我們認為粉碎是可能的，但現在的關鍵是從現在開始利用時間。

Okay. Thank you, Renato, clear. And then on your second question regarding the economic unit of the traditional crops. Here it is important to understand that the crops have to be analyzed in a campaign. It's difficult to analyze within only a quarter how the economic performance of a crop is.

好的。謝謝你，雷納托，清楚了。然後關於你的第二個問題，關於傳統作物的經濟單位。這裡重要的是要理解必須在活動中對農作物進行分析。很難在一個季度內分析出一種作物的經濟表現如何。

So when we think on what are the economic benefit of the different traditional crops, today, the first crop is the corn full season, then we have the wheat and soybean double crop, and third, the soybean full season.

因此，當我們思考不同傳統作物的經濟效益時，今天，第一季作物是玉米全季，然後是小麥和大豆雙季作物，第三季是大豆全季。

So within these three allocations of land when we decide that we're planting crops, that is what we are deciding now, that's going to be the priorities. Corn full season, wheat, soybean double crop, and then full season of soybean.

因此，當我們決定種植農作物時，在這三種土地分配中，這就是我們現在所決定的，這將是優先事項。玉米一季，小麥、大豆雙茬，然後是大豆一季。

Within those three that are in a rotation. We can always change 10%, 15% in an old system to maintain our sustainable production system. We cannot do 100% of corn, so we cannot, we have to always maintain this rotation, but we are going to be a little bit more inclined, so we may have 10% or 15% more on corn compared to soybean full season when we think on the economic results on this traditional crops.

在這三個之中，有一個在輪換。我們總是可以對舊系統進行 10%、15% 的改變，以維持我們可持續的生產系統。我們不可能 100% 種植玉米，所以我們不能，我們必須始終保持這種輪作，但我們會更傾向於此，因此當我們考慮這種傳統作物的經濟效益時，與整個季節種植大豆相比，玉米的產量可能要高出 10% 或 15%。

So those were the three questions you were asking. If you don't have any follow-up question, we can go to the next one.

這就是您提出的三個問題。如果您沒有任何後續問題，我們可以進入下一個問題。

No, that's all very clear. Thank you. Well, Mariano and Renato.

不，一切都很清楚。謝謝。嗯，馬裡亞諾和雷納托。

Thank you, Thiago, for your question.

謝謝蒂亞戈的提問。

Julia Rizzo, Morgan Stanley.

摩根士丹利的茱莉亞·里佐。

Hello, good morning. Are you hearing me?

你好早安。你聽見我說話了嗎？

Yeah.

是的。

Thank you very much for having me, Mr. Sartori. Thank you, Mariano, for the remarks. I would like to direct my question to Mr. Sartori, if possible.

非常感謝您邀請我，薩托里先生。謝謝馬裡亞諾的評論。如果可能的話，我想直接向薩托里先生提問。

Sir, DECCO is one of the largest agricultural companies in Latin America. It's known for being a low-cost producer with great assets, strong management, as you already probably know, but also it has a great reputation for transparency, fairness with shareholders.

先生，DECCO是拉丁美洲最大的農業公司之一。您可能已經知道，它是一家擁有大量資產、管理強大的低成本生產商，而且它在透明度和對股東公平性方面也享有盛譽。

In that sense, I would like to ask if the new control group in place, we want the group keep its high standards of transparency, good governance for all shareholders. How do you think it is, how important do you think is that?

從這個意義上講，我想問的是，如果新的控制集團到位，我們希望該集團為所有股東保持高標準的透明度和良好的治理。您認為這怎麼樣？您認為這有多重要？

And lastly, a follow up on the first question from my colleague Thiago. Adecoagro also generates a lot of cash over time even at low cycles, times like this year. How does the new control group plan to use this cash flow in the future? I know, I understand you told about some opportunities they may come and you will be ready to comply, but in on the running rate, how do you plan to use this cash flow?

最後，我想跟進我的同事蒂亞戈提出的第一個問題。即使在像今年這樣的低週期時期，Adecoagro 也能隨著時間的推移產生大量現金。新的控制組計劃將來如何使用這筆現金流？我知道，我理解您說過他們可能會出現一些機會，而且您也準備好抓住這些機會，但是在運行率方面，您打算如何使用這筆現金流？

Can we stay with the 40% dividends policies or in the remaining part what will be done?

我們能否繼續執行 40% 的股利政策，或剩餘部分將採取什麼措施？

Thank you, Julia, for your questions. The first, part of the question regarding the transparency, I will ask Juan to answer, but, and then I can compliment and same thing for the second part of your question. So, Juan, if you want to address.

謝謝你，朱莉婭，提出的問題。關於透明度的問題的第一部分，我會請胡安來回答，但是，然後我可以對你問題的第二部分做出同樣的補充。所以，胡安，如果你想解決的話。

Of course, and thank you, Julia, and nice meeting you for the questions. In the whole, first of all, everything you said about high quality of assets of management, of transparency and credibility is what attracted us to invest in Adecoagro in the first place. It was very important in the acquisition for us to do it in a way that it respects the history, the culture, and the existing achievements, particularly in transparency and in corporate governance.

當然，謝謝你，朱莉婭，很高興回答你的問題。總的來說，首先，您所說的關於管理資產的高品質、透明度和可信度的一切正是吸引我們投資 Adecoagro 的首要原因。在收購過程中，我們非常重視尊重歷史、文化和現有成就，特別是在透明度和公司治理方面。

One of the main discussions was that we wanted the company to remain listed precisely because adhering to all of the standards of being a public listed company in New York was an important message to the market. That's how we defined leaving a 30% float in order to be sufficient for it to have a controlling shareholder but also have the possibility investors to participate in the best way to the growth story that we think is going to happen.

主要討論之一是，我們希望公司繼續保持上市地位，因為遵守紐約上市公司的所有標準對市場來說是一個重要訊息。這就是我們對保留 30% 流通股的定義，這既足以讓公司擁有控股股東，又能讓投資人以最佳方式參與我們認為即將發生的成長故事。

In addition, as we got them, as we became controlling shareholders, we also implemented a lot of minority protections that were not present before. So we committed now to protection that are of a much higher standard than what the stock exchange requires until now.

此外，當我們獲得這些股權，成為控股股東時，我們也實施了許多以前不存在的少數股權保護措施。因此，我們現在承諾的保護標準比證券交易所迄今為止的要求高得多。

Maybe there are Emilio can go through, to each of them, but all related parties have to be validated by Independent Directors, we are restricted to a full takeover of the company if we ever go beyond 80%. So I believe the company is going to be continuing with everything that's made it a great company so far, but probably right now has even a high, higher standard and that's what we commit also as controlling shareholder to the market going into the future.

也許 Emilio 可以通過每一個途徑，但所有相關方都必須經過獨立董事的認可，如果我們的持股比例超過 80%，我們就只能對公司進行全面收購。因此，我相信公司將繼續保持迄今為止使其成為一家偉大公司的一切，但現在可能甚至會達到更高的標準，這也是我們作為控股股東對未來市場的承諾。

On the second aspect of distribution, first of all, 2025 distribution policy is approved, so it's going to stay exactly like this. And into the future, as you say, the company generates a lot of cash flow. And if anything, it was probably consistently misunderstood or undervalued by the market.

第二個面向是分配，首先2025年的分配政策已經批准了，所以會保持現在的樣子。正如您所說，未來公司將產生大量現金流。如果有的話，它可能一直被市場誤解或低估。

So, we're going to be seeing how to invest that cash flow in the most profitable way in the future. First of all, by continuing a dividend policy and then investing in repurchasing shares or making acquisitions, but always with the idea of improving the return on equity of these investments in the future.

因此，我們將研究如何在未來以最有利可圖的方式投資現金流。首先，透過繼續實施股利政策，然後投資回購股票或進行收購，但始終考慮未來提高這些投資的股本報酬率。

Super clear Juan. Okay.

超級清晰的胡安。好的。

Nothing to add. Let's go to the following question. Yeah.

沒什麼好補充的。我們來看看下面的問題。是的。

(Operator Instructions) Lucas Ferreira, JP Morgan.

（操作員指示）盧卡斯·費雷拉，摩根大通。

Lucas, we cannot hear you.

盧卡斯，我們聽不到你說話。

Hi everybody, sorry, I was on mute. Hi everybody. So thanks, very much for the space to ask questions. I have a couple for one.

大家好，抱歉，我靜音了。大家好。非常感謝你們給我提問的空間。我有一對。

And Juan, by the way, I don't know if you remember me, I remember you from 2010 or 2011, during the [UAG, IPO] attempt. So we interacted a couple of times. So nice to speak to you again. The first question is about, the land of the company.

順便說一句，胡安，我不知道你是否還記得我，我記得你在 2010 年或 2011 年，當時正值 [UAG，IPO] 嘗試期間。所以我們互動了幾次。很高興能再次和你交談。第一個問題是關於公司的土地。

So if Tether has any specific plan to monetize the land, that's one of the key assets for the company. It's very undervalued in the stock price. So if you see any opportunity, I don't know if the sale is back or anything that could unlock value for the land of the company and the second point seems to just mention that you, the plan is to keep the company listed. If you also have some plan for the liquidity of this stock because that has been one of the main pushbacks on the Adecoagro's investment case, historically, and now I believe that liquidity could shrink further, right, with the large that stake in the company. So for all the minorities here in this, so if there is any plan for liquidity to improve in the future. Thank you.

因此，如果 Tether 有任何將土地貨幣化的具體計劃，那麼這就是該公司的關鍵資產之一。其股價被嚴重低估。因此，如果您看到任何機會，我不知道銷售是否會恢復，或者任何可以釋放公司土地價值的東西，第二點似乎只是提到你，計劃是讓公司保持上市。如果您對這隻股票的流動性也有一些計劃，因為從歷史上看，這一直是 Adecoagro 投資案例的主要阻力之一，現在我認為，隨著該公司大量持股，流動性可能會進一步萎縮。因此，對於這裡的所有少數民族來說，未來是否有任何改善流動性的計劃。謝謝。

Hi, Lucas, thank you for the question. Juan, do you want to address?

你好，盧卡斯，謝謝你的提問。胡安，你想致詞嗎？

Yes, perfectly. Lucas, good to reconnect after so many years, so we've all been working for a long time with all these issues and I think that's why we may end up having some of the solutions right now. Land as a publicly listed asset has always underperformed and it's really one of the biggest challenges that as soon as you have large land holdings in a public company, they tend to be under undervalued and underappreciated.

是的，非常好。盧卡斯，很高興這麼多年後再次聯繫，我們都花了很長時間來解決這些問題，我想這就是為什麼我們現在可能會找到一些解決方案。土地作為一種公開上市資產的表現一直不佳，而最大的挑戰之一是，一旦上市公司持有大量土地，這些土地往往會被低估和低估。

For us, a steady land is an excellent long-term asset and we want to have more of it. We think it's something that's going to appreciate over time to generate stability, and we think a company Adecoagro solves one of the big problems, which is operating it in an efficient manner at large scale, which just, it's not easy.

對我們來說，穩定的土地是一項極好的長期資產，我們希望擁有更多這樣的土地。我們認為隨著時間的推移它會升值並產生穩定性，我們認為 Adecoagro 公司解決了一個大問題，即以高效的方式大規模運營它，但這並不容易。

Now, in order to treat the other side of that challenge, I think definitely one of the big works that we have to do is what are the mechanisms or why, whereby we can materialize or crystallize the evaluation of those land holdings into the Adecoagro story.

現在，為了應對這項挑戰的另一面，我認為我們必須要做的一項重要工作就是找到機製或原因，透過這些機制我們可以將這些土地持有量的評估具體化或具體化到 Adecoagro 的故事中。

And we will be working definitely on several mechanisms to present to the market in the coming months in order to see how we can attack that that usual challenge.

我們將在未來幾個月內研究幾種機制並推向市場，以了解如何應對這一常見挑戰。

Thank you very clear. And regarding liquidity, I think Juan was also clear explaining how minority shareholders will be protected and have even better protections than what they have before and having a 30% on the floor, what we believe is something that can continue to have liquidity.

非常清楚，謝謝。關於流動性，我認為胡安也清楚地解釋瞭如何保護少數股東，甚至比以前得到更好的保護，並且擁有 30% 的最低股權，我們相信這可以繼續保持流動性。

Yeah, if you allow me, Mariano, one more comment. I mean, the float is definitely smaller from a technical point of view, but you had before relatively large shareholders that would not trade, so I don't think the float has dramatically been reduced.

是的，如果你允許的話，馬裡亞諾，我再說一句。我的意思是，從技術角度來看，流通股數量肯定較少，但之前有相對較大的股東不會進行交易，所以我不認為流通股數量大幅減少。

Of course, the transaction plays part of it, but what we have seen in the latest trading days that post-transaction, the liquidity is not. Worse than before and maybe we can expect that to continue in the future.

當然，交易起了一部分作用，但是我們在最近幾個交易日看到，交易後，流動性卻沒有起到作用。比以前更糟糕，也許我們可以預料這種情況在未來還會持續下去。

And at the same time, what we have is a big amount of people who would follow the stocks purely as an NAV discount traders, they would buy this company at a strong discount to NAV and then sell it when it gets close to NAV. And I think what we have done also is remove a lot of that structural overhang.

同時，我們有大量的人純粹作為資產淨值折扣交易者關注股票，他們會以低於資產淨值的價格買入這家公司的股票，然後在接近資產淨值時賣出。我認為我們所做的也消除了許多結構性障礙。

So our perception is that we are interested in a high stock price and maximizing the stock price and having a liquid and well-covered stock for the future and we're going to be trying to operate on that basis, the future of the strategy of the company.

因此，我們的看法是，我們對高股價感興趣，並最大化股價，並為未來提供流動性和良好的股票，我們將嘗試在此基礎上經營公司的未來策略。

Thank you very much, guys.

非常感謝你們，夥伴們。

Thank you. Next question.

謝謝。下一個問題。

Bruno Tomazetto, Itau BBA.

布魯諾‧托馬澤托 (Bruno Tomazetto)，伊塔烏 (Itau) BBA。

Good morning everyone. Mariano, Juan, well two questions on our side if I may. Mr. Juan already presented some interesting topics about the new investment plan mentioned by Tether. We appreciate all information provided, but it would be great to also discuss the expected timeline for this.

大家早安。馬裡亞諾、胡安，如果可以的話，我想問兩個問題。Juan先生已經就Tether提到的新投資計畫提出了一些有趣的話題。我們感謝所提供的所有信息，但如果能討論一下預計的時間表就更好了。

In both terms of implementing these new projects or even how quickly could we expect to see results to be reflected on companies' results here with higher relevance. If you could break down the answer between projects to accelerate current operations or new projects to be implemented, moving ahead, it would be great.

無論是實施這些新項目，還是我們期望多快看到結果以更高的相關性反映在公司表現上。如果您可以將答案分解為加速當前營運的項目或要實施的新項目，那就太好了。

And my second question is focused on operations in Argentina. Just to point with your most recent thoughts on the macroeconomic environment in Argentina, we recently had some new developments on export tariffs and of course affects dynamics.

我的第二個問題是關於阿根廷的業務。就您對阿根廷宏觀經濟環境的最新看法而言，我們最近在出口關稅方面取得了一些新進展，當然也影響了動態。

So we are glad to discuss what you guys can already perceive in the country or expected in terms of impacts for the company. And also to hear your general perception about these operations in the medium to long term. That's it. Thank you.

因此，我們很高興討論你們在這個國家已經感知到的情況，或是對公司預期的影響。同時也想聽聽您對這些中長期行動的整體看法。就是這樣。謝謝。

Okay. Thank you, Bruno, for your question. I'm going to address the second part of your question regarding Argentinian economic developments.

好的。謝謝布魯諾的提問。我將回答您關於阿根廷經濟發展問題的第二部分。

Here, there are two main forces. Number one is now we have the same dollar when we export and we export all our sales and for exports. So we are receiving the real dollar for the first time in a long period of time. So that's, of course, very much a welcome conceptually.

這裡，主要有兩股力量。第一，現在我們出口時使用相同的美元，我們出口所有銷售產品和用於出口的產品。這是我們很長一段時間以來第一次收到真正的美元。因此，從概念上來說，這當然是非常受歡迎的。

And then, the overall costs are increasing. So, in dollar terms, that is how we report the costs and the overhead cost and the general costs are increasing, although variable costs as they have always been in dollar terms, not necessarily increasing in the same pace are in some cases even, reducing. So, we are now in a much more real system.

然後，總體成本就會增加。因此，以美元計算，這就是我們報告的成本、間接成本和一般成本在增加的方式，儘管以美元計算的變動成本一直不一定會以相同的速度增加，在某些情況下甚至會減少。所以，我們現在處於一個更真實的系統。

We are very happy to be in this system. We've been always working to be the local producer in each one of the segments that we have. So we are optimistic that we can improve in the long term, our results in Argentina.

我們很高興能夠加入這個系統。我們一直致力於成為我們每一個領域的本地生產商。因此，我們樂觀地認為，從長遠來看，我們能夠改善在阿根廷的表現。

So we are in a better situation that before within this whole economics results for Argentina. Then we are affected by commodity prices, etcetera. that, of course, affects in different ways our EBITDA one way or the other. So that's conceptually what's going on in Argentina.

因此，就阿根廷的整體經濟狀況而言，我們現在的狀況比以前更好。然後，我們受到商品價格等的影響。當然，這會以不同的方式影響我們的 EBITDA。從概念上來說，這就是阿根廷正在發生的事情。

So we welcome all these changes in Argentina for our company in the medium and long, and long term and in the short term also.

因此，我們歡迎阿根廷發生的所有這些變化，這對我們公司來說既是中期變化，也是長期變化和短期變化。

And then regarding the timeline of this projects that one has been explaining pretty well. I would add one comment and then let one, comment on top of this. These projects, take time. All our projects that, in the organic projects that one was talking about, they are all, carefully analyzed.

然後關於這個項目的時間表，有人已經解釋得很好了。我會添加一條評論，然後讓一個人在此基礎上發表評論。這些項目需要時間。我們所有的項目，包括剛才談到的有機項目，都經過了仔細的分析。

Execution for us is the key element, and we don't need to be in a hurry to execute because that's when execution doesn't go perfect. So the project take time and we are analyzing each one of the projects with the right timing and we are not in a hurry to do them.

對我們來說，執行是關鍵因素，我們不需要急於執行，因為這樣執行就不會完美。所以專案需要時間，我們正在分析每個專案的正確時機，我們並不急於完成它們。

So they will be done in the way we've been always working, that is maximizing the or minimizing the execution risks and maximizing our execution fashion. So, Juan, I don't know if you want to compliment something on timing.

因此，我們將按照我們一貫的工作方式來完成這些工作，即最大化或最小化執行風險並最大化我們的執行方式。那麼，胡安，我不知道你是否想稱讚時間安排。

Oh, I support 100% what Mariano said. The idea is not announcing things for announcing things. They all have to go through a thorough process of due diligence, but the new Board, which was incorporated last week, already has the different strategic lines inside.

哦，我完全支持馬裡亞諾所說的。這個想法並不是為了宣布某件事而宣布某件事。他們都必須經過徹底的盡職調查過程，但上週成立的新董事會內部已經有了不同的策略路線。

We'll start working on validating several of the areas that we discussed about and I think it would be likely over the next 12 months, I hope that we'll see results and execution in several ones of those lines, but we cannot commit to a timing or a short-term timing on any of them because they will probably validated or not based on the outcome and the results rather than the absolute necessity to do something quick.

我們將開始驗證我們討論過的幾個領域，我認為這很可能在未來 12 個月內完成，我希望我們能夠看到其中幾個領域的成果和執行情況，但我們不能對任何一個領域承諾一個時間或短期時間，因為它們可能會根據結果而不是快速採取行動的絕對必要性來驗證或不驗證。

That's super clear. Thank you.

這非常清楚。謝謝。

(Operator Instructions) Matheus Enfeldt, UBS.

（操作員指示） Matheus Enfeldt，瑞銀。

Hi, good morning. Thank you for taking my questions and congrats on the positive conclusion of the tender offer. I think it was very clear on the direction and what is the strategic rationale behind, the stake in the Adecoagro from Tether, but I was wondering if we could discuss sizing or what size of the quadra could take in a couple of years from now, right.

嗨，早安。感謝您回答我的問題，並祝賀此投標報價圓滿成功。我認為方向和背後的戰略原理非常明確，Tether 在 Adecoagro 中的股份，但我想知道我們是否可以討論一下規模，或者幾年後四重奏的規模可以達到什麼程度，對吧。

Because if we look over the past four or five years, CapEx has been around $200 million to $400 million per year, which has allowed them to deliver a strong growth over the past number of years, but looking forward, my question here is what's the size that Adecoagro could become, in the near future, right, because there are many potential deals in Brazil, this is public that could essentially increase the crowd's capacity by like 50% or something like that, but that would require a very large amounts of capital in the near term.

因為如果我們回顧過去四五年，資本支出每年約為 2 億至 4 億美元，這使得他們在過去幾年中實現了強勁增長，但展望未來，我的問題是 Adecoagro 在不久的將來可以發展到什麼規模，對吧，因為巴西有很多潛在的交易，這是公開的，基本上可以將人群的容量提高 50％ 左右，但這需要在短期內投入大量資金。

So I'm really trying to get a sense of, I know the timing is over the next 12 months to get a bit more visibility as in the previous question, but my question is more on size.

所以我真的想了解一下，我知道時間是在未來 12 個月內，以便獲得與上一個問題更多的可見性，但我的問題更多的是關於規模。

If we could see decuro taking this large step, seeing CapEx and that double for the year. Or over the next couple of years to really increase the size of the company or if it's much more, a complimentary approach for the existing projects and existing capacity, moving forward. I think that's my only question. Thank you.

如果我們看到 decuro 邁出這一大步，那麼今年的資本支出將翻倍。或者在接下來的幾年裡真正擴大公司的規模，或者如果可以的話，對現有項目和現有產能採取一種補充的方式，向前發展。我想這是我唯一的問題。謝謝。

Thank you, Matheus, for your question. Juan, do you want to address or you want me to go for it.

謝謝馬修斯的提問。胡安，你是想解決這個問題還是想讓我自己解決。

No, I have to give a quick comment, but I think the size will be or usually determined by two things. The first one is the capacity to integrate with assets. And this management team has shown that it's capable to do much more we actually see that the Adecoagro, the platform to be able to deploy capital very successfully because they can manage and integrate those assets. And I think now you have a shareholder whose net profits last year were $13 billion.

不，我必須簡短地發表一下評論，但我認為尺寸通常由兩件事決定。第一個是資產整合能力。這個管理團隊已經證明他們有能力做更多的事情，我們實際上看到 Adecoagro 這個平台能夠非常成功地部署資本，因為他們可以管理和整合這些資產。我認為現在你的股東去年的淨利潤為 130 億美元。

So the access to financing equities are good, and I would say guarantee just from the support of the existing shareholder. So I think that if we find good deals to deploy and we add those two factors, we could grow quite quite a lot.

因此，股權融資的管道很好，而且我認為僅靠現有股東的支持就能保證融資。因此我認為，如果我們找到好的交易並加上這兩個因素，我們就能實現相當大的成長。

Thank you. If I could just follow up on that, then, there's obviously a limitation on how much of a stake Tether could reach in the cargo up to 80%, which implies there's a limitation to how much capital at the end of the day, that there could be allowed to inject into a DECCO. On that, what's the leverage that would be comfortable, in a, in an expansion cycle? Like 2.5times, 3 times, which is sort of what we discussed for the sector, would that be, a reasonable leverage to support growth moving forward?

謝謝。如果我可以繼續追問的話，那麼，Tether 在貨物運輸中的持股比例顯然是有限制的，最高可達 80%，這意味著最終允許注入 DECCO 的資本數額是有限制的。那麼，在擴張週期中，什麼樣的槓桿才算適合呢？就像我們針對該行業討論的 2.5 倍、3 倍一樣，這是否是支持未來成長的合理槓桿？

I think, Juan, let me jump in here, as Juan explained at the beginning, there are several ways on how we can explore opportunities together with the Tether and of course, this 80% minimum in terms of the potential growth is taken into account.

我想，胡安，讓我插一句，正如胡安一開始解釋的那樣，我們可以透過幾種方式與 Tether 一起探索機會，當然，就潛在成長而言，80% 的最低限額是被考慮在內的。

And also the level of debt that we can get into is also going to be taken into account. So, according to all these things and depending on how interesting are all the projects that we have in the pipeline, that's the decision that we will be taking and we'll be sharing with you how this evolves.

我們可能承擔的債務水準也將被考慮。因此，根據所有這些因素以及我們正在籌備的所有項目的有趣程度，我們將做出決定，並與您分享其進度。

Okay, thank you.

好的，謝謝。

One more thing is that we mentioned the strategic tokenization in areas of technology whereby capital can be opened by technology on other routes that the traditional ones. I think we can analyze that also a way of putting more capital into assets that can be through joint ventures on capital intensive assets, partnership with other companies or other ways of financing that doesn't mean dilution of the equity.

還有一件事是，我們提到了技術領域的策略性標記化，即可以透過技術在傳統路線以外的其他路線上開闢資本。我認為我們可以分析一下，將更多的資本投入到資產中，可以透過資本密集型資產的合資企業、與其他公司合作或其他融資方式，而這並不意味著股權的稀釋。

Okay, thank you.

好的，謝謝。

This concludes the question-and-answer section. At this time, I would like to turn the floor back to Mr. Bosch for any closing remarks.

問答部分到此結束。現在，我想把發言權交還給博世先生，請他做最後發言。

I simply want to thank everyone for participating in our call, and we hope to see you in our upcoming events. Thank you everyone very much.

我只是想感謝大家參加我們的電話會議，我們希望在即將舉行的活動中見到你們。非常感謝大家。

Thank you. This concludes today's presentation. You may disconnect at this time and have a very nice day.

謝謝。今天的演講到此結束。現在您可以斷開連接並享受愉快的一天。